Re/insurance broking firm Arthur J. Gallagher has announced that it plans to acquire M&T Insurance Agency, a provider of risk management and group benefits consulting services based in Buffalo, NY.
The firm said in a statement that it had signed a definitive agreement to acquire the indirect subsidiary of M&T Bank Corporation. In connection with the transaction, Gallagher will become the preferred insurance broking partner of M&T Bank. The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.
J. Patrick Gallagher, chairman, president, and CEO of Arthur J. Gallagher, said: “M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region,” said. “We look forward to welcoming John, Bart, Zachary and their associates to Gallagher.”
MTIA is a retail insurance agency offering an array of property and casualty products, customized group benefits and surety solutions to clients in the Northeast and mid-Atlantic. John Rumschik, Bart Kresse, Zachary Howe, and their teams will operate under the direction of Patrick Kennedy, head the Northeast region retail property/casualty brokerage operations for Gallagher.
Piper Sandler & Co. is acting as exclusive financial advisor and Hodgson Russ LLP is acting as legal counsel to M&T Bank.
Jennifer Warren, senior executive vice president and head of M&T’s Institutional Client Services business, said: “When we started to discuss the possibility of this transaction with Gallagher, it became immediately clear that this was the optimal company for both our customers and our employees. Our goal was to create a seamless transaction with a world-class company that stresses excellence in everything they do. We found that with Gallagher.”
Arthur J. Gallagher seems to be on an acquisition streak in recent months. In August, it said it was acquiring Evergreen Insurance Managers. In March, it said it was buying Hawley & Associates and Commercial Insurance Underwriters, while in April it picked up GA, Mavon & Co.